/raid1/www/Hosts/bankrupt/TCRLA_Public/211213.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Monday, December 13, 2021, Vol. 22, No. 242

                           Headlines



B A H A M A S

BAHAMAS: Coral Disease Threatens Fisheries Industry


B R A Z I L

BRAZIL: Minimum Wage to Support a Family Should be BRL5,900


C O L O M B I A

COLOMBIA: Fitch Affirms 'BB+' LT FC IDR, Outlook Stable
PACIFICO TRES: Fitch Keeps 'BB+' Ratings on Rating Watch Negative


C O S T A   R I C A

BANCO NACIONAL: Moody's Affirms 'B2' Long Term Deposit Rating


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: IDB OKs $100M Loan to Assist Vulnerable Locals
[*] DOMINICAN REPUBLIC: New Livestock System Will Make SMEs Improve


E C U A D O R

ECUADOR DPR: Fitch Rates USD150MM Series 2020-1 Loans 'BB-'
GUAYAQUIL MERCHANT: Fitch Affirms USD175MM 2019-1 Notes at 'BB-'


P U E R T O   R I C O

HOTEL CUPIDO: Jan. 12, 2022 Plan Confirmation Hearing Set


T R I N I D A D   A N D   T O B A G O

NIQUAN: Explosion Probe Still Ongoing


X X X X X X X X

[*] BOND PRICING: For the Week Dec. 6 to Dec. 10, 2021

                           - - - - -


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B A H A M A S
=============

BAHAMAS: Coral Disease Threatens Fisheries Industry
---------------------------------------------------
Jamaica Observer reports that a virulent and fast-moving coral
disease that has swept through the Caribbean could devastate The
Bahamas' fisheries and other industries if scientists cannot find a
way to protect and preserve the country's coral reefs, the director
of the Department of Environmental Planning and Protection (DEPP)
has warned.

In an article published in The Nassau Guardian, Rochelle Newbold
said that the stony coral tissue loss disease (SCTLD) leads to the
loss of 50 metres of coral per day, according to Jamaica Observer.

"We have a COVID-19 of the sea and that is affecting our reefs,"
Newbold was quoted. "The reef has fundamentally been tied to the
lifeblood of the country," the report notes.

She said more than 90 per cent of Grand Bahama's corals have
already been devastated by the disease and the country could lose
its coral reefs in five to 10 years if the disease is not
controlled, the report relays.

The loss of corals will harm fish populations as well as negatively
impact the fisheries industry and the economy, the report
discloses.

According to the president of The Bahamas Commercial Fishers
Alliance Adrian LaRoda, there are concerns that the coral disease
could affect the country's main fishery export, spiny lobster,
which bring in B$90 million a year and employs 9,000 people, the
report notes.

He added that the lobsters' reproduction rate and the food supply
for juvenile lobsters in the reef would also be affected, the
report discloses.

The coral reefs in The Bahamas draws more than half a billion US
dollars in tourism, with as much as 61 per cent being specifically
garnered by the coral reefs themselves with the majority centered
on the northern islands, which include Nassau, the report relays.

Reef-adjacent activities alone generate an estimated US$5.7 billion
per year in the Caribbean from roughly 7.4 million visitors, the
report notes.

According to Newbold, the Government has engaged a team to address
the problem and that several tests are being done on the coral to
understand what is happening. Additionally, it has utilised the
help of Atlantis resort and its aquarium to protect some coral
until a cure can be found, the report relays.

Currently, the most effective treatment for the disease is the
application of the antibiotic amoxicillin directly to the corals,
which has seen some success in reducing mortality, but no realistic
permanent solution is available, the report discloses.

Notwithstanding, she pointed out that it has been determined there
are some strains of coral that are resistant to the disease, the
report relays.

SCTLD has been detected throughout the Caribbean's reef systems,
the report relays. It was first identified in Florida in 2014, and
has since moved through the Caribbean region affecting some of the
largest, oldest, and most important reef-building corals, causing
great concern among scientists, the report discloses.

Infected colonies develop white patches that slowly enlarge,
draining the colour and life from the animals, the report relays.
In the most susceptible species, such as pillar, brain, and star
corals, infected colonies usually die within weeks or months, the
report notes.

The Caribbean's coral ecosystem is already threatened by warming
waters due to climate change, pollution, nutrient run-off, and
more, which makes solving the mystery all the more pressing, the
report relates.

In the Caribbean, it is estimated that coral reefs now cover less
than 50 per cent of the area once covered in the 1960s, when coral
reefs were deemed very healthy, the report notes.

Scientists are still trying to determine if the coral degradation
is being caused by a bacterium, virus or some combination thereof,
but for now there is nothing they can do to counter the effects of
SCTLD, the report says.

Though the disease propagates slowly via water currents, new
research suggests that it may also be spread by commercial shipping
vessels at major ports, the report discloses.

Furthermore, study conducted by Bahama's Perry Institute for Marine
Science found that SCTLD was more prevalent in reefs that were
closer to The Bahamas' main commercial ports in Nassau and Grand
Bahama, suggesting a likely link between the disease and the ships,
the report says.

The coast guards of various countries, including The Bahamas, have
issued recommendations to ships to not exchange ballast water -
water discarded from ships - within ports, but so far, few
enforceable laws have been passed to stop the practice, the report
relays.

The United Nations Environment Programme Cartagena Convention
Secretariat and the Gulf and Caribbean Fisheries Institute have
also developed a document designed to help regional partners make
informed decisions about coral disease monitoring and response to
the SCTLD, the report adds.




===========
B R A Z I L
===========

BRAZIL: Minimum Wage to Support a Family Should be BRL5,900
-----------------------------------------------------------
Rio Times Online reports that the minimum wage sufficient to
support a family of four, with two adults and two children, in
November should be BRL5,969.17 (US$1,100), which corresponds to
5.42 times the national minimum wage of R$1,100, according to the
Intersindical Department of Statistics and Socioeconomic Studies
(Dieese) a research institute run by Brazil's labor unions.

In the same period last year, the estimated amount needed was
BRL5,289.53, about 13% lower, according to Rio Times Online.

The calculation is based on the value of the most expensive basic
food basket in the country, the report notes.

                             About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas.  Jair Bolsonaro is the current president, having
been sworn in on Jan. 1, 2019.

Fitch Ratings' credit rating for Brazil stands at 'BB-' with a
negative outlook (November 2020).  Fitch's 'BB-' Long-Term Foreign
and Local Currency Issuer Default Ratings (IDRs) has been affirmed
in May 2021.  Standard & Poor's credit rating for Brazil stands at
BB- with stable outlook (April 2020).  S&P's 'BB-/B' long-and
short-term foreign and local currency sovereign credit ratings for
Brazil were affirmed in December 2021 with stable outlook.  
Moody's credit rating for Brazil was last set at Ba2 with stable
outlook (April 2018). DBRS's credit rating for Brazil is BB (low)
with stable outlook (March 2018).




===============
C O L O M B I A
===============

COLOMBIA: Fitch Affirms 'BB+' LT FC IDR, Outlook Stable
-------------------------------------------------------
Fitch Ratings has affirmed Colombia's Long-Term Foreign Currency
Issuer Default Rating (IDR) at 'BB+'. The Rating Outlook is
Stable.

KEY RATING DRIVERS

Colombia's ratings reflect the country's track record of
macroeconomic and financial stability underpinned by an independent
central bank with an inflation targeting regime and a free-floating
currency. Colombia's ratings are constrained by its rising general
government debt and interest burden, high commodity dependence and
weaker external accounts.

A sharp rise in consumption is the primary driver of the 9.4%
expected economic growth in 2021 after a 6.8% contraction in 2020.
Expansionary fiscal and monetary policies, as well as the large
increase in remittances helped explain the large 2021 rebound,
driven largely by consumption. Pent-up demand following the
re-opening of the economy as pandemic induced restrictions were
lifted has also fuelled growth, with household savings rising while
investment, especially for housing, fell in 2020, leading to a
growth in deposits.

Fitch expects growth to slow next year to 3.9% due to higher
interest rates, election uncertainty, and a slowdown in the growth
of remittances. Continued fiscal stimulus and continued reopening
of some heavy hit sectors such as tourism will help growth continue
above its 3.3% growth potential in 2022. The base effect will still
play a role, given 2021 numbers that were hard hit by social
disturbances in 2Q21. Fairly high vaccination rate (75% of the
total population receiving at least one dose) should mitigate the
impact of future pandemic waves as well.

Inflationary pressures have been building. Fitch expects 12-month
inflation to reach 5.5% in 2021 and 3.6% in 2022, above the central
bank's 3% target, driven largely by food and import prices. Core
inflation has risen but remains below the central bank's 3% target.
However, inflation expectations have increased for the next
12-months (3.7% in 2022), but are closer to target in 24-months (at
3.3%). Given the strong economic rebound and rising inflation and
inflation expectations, the central bank began to raise its policy
rates in September 2021 with 75 basis points total through November
2021. The central bank estimates a continued negative output gap
but that it will close earlier than previously expected in 2022.
The unemployment rate suggests continued excess capacity as well.
Fitch expects the central bank to raise policy rates at its next
December 2021 meeting and over the course of 2022 to reach 4.5%.

Fitch forecast large central government (CG) fiscal deficits of
7.4% of GDP in 2021, only marginally lower than the -7.8% of GDP
outturn in 2020, as the government has extended pandemic and
economic reactivation measures through 2022. However, Fitch's
estimates are below government forecasts, and the agency has
revised its forecast lower since July, due largely to
better-than-expected increases in tax revenues aided by high
economic growth. For 2022, Fitch sees the CG deficit falling to
6.4% of GDP due to under-execution of capital expenditures, given
the upcoming elections and entrance of new government in August
2022.

The government passed a revised tax reform in September 2021, which
is expected to raise additional tax revenues of COP14-15 trillion,
or about 1.2% of GDP. The reform relied mostly on corporate taxes.
The additional revenues are largely expected in 2023, however. The
government also has included new social spending in its reform
package, so the net impact of the reform is around 0.9% of GDP. The
government has also focused efforts on the administrative side, as
well with electronic invoicing, sending estimated income tax
statements and improved training for tax administrators among other
measures over the last three years.

The tax reform also included an update to Colombia's fiscal rule.
The updated fiscal rule includes a debt anchor of 55% of GDP with a
limit of around 70% of GDP. The structural medium-term fiscal
deficit target will be closer to 2.5% of GDP than the previous
target of 1% of GDP. Furthermore, interim primary balance targets
are proscribed in the framework from 2022-2025. Fitch believes that
adherence to the new rule could boost fiscal policy credibility
over the medium term. However, given the rigid composition of
public spending, Fitch believes that additional revenue measures,
given spending rigidities, will be needed to comply with the rule.

The 2020 economic downturn, large fiscal deficits, FX depreciation
and crystallization of contingent liabilities, such as adverse
court rulings and pension related items, led to a significant
increase in debt to GDP, reaching 58.4% of GDP in 2020 (versus the
'BB' median of 59.1%), up from 44.8% of GDP in 2019. Fitch expects
general government debt to GDP to continue to rise over the
forecast period (although at a gradual pace) to 61.5% of GDP by
2023. Debt to GDP could stabilize around this level, but further
revenue measures, given spending rigidities, are likely necessary
to reduce the debt level in a meaningful way thereafter, in line
with the updated fiscal rule.

Colombia's current account deficit is expected to widen sharply to
5.6% of GDP in 2021, up from 3.3% of GDP in 2020 despite the
positive terms of trade. Imports are rising rapidly driven by
domestic demand. Additionally, profit remittances have also
increased. Exports are growing with a strong increase in
non-traditional exports and traditional exports helped by higher
prices. However, oil and coal have been hit by production issues.
Fitch expects the current account deficit to fall moderately, but
remain high at 5% of GDP in 2022, largely due to a moderation in
imports and some rise in exports as production issues in
traditional sectors are overcome.

Exports are expected to rise with oil prices, remaining at $70
Brent in 2022, little changed from 2021. Tourism receipts are
likely to grow although the growth of remittances is expected to
slow significantly. Foreign direct investment is expected to rise
in 2021 as well, at USD10 billion, covering 2/3 of the current
account deficit and close to Colombia's historic average of 70%
coverage. FDI has become more diversified over the last decade with
the oil sector representing below 10% of total FDI in 2021 versus
over 50% in 2011.

Colombia's net external debt has risen over the last decade. Fitch
expects it to rise above 20% of GDP in 2022, from 10.5% in 2018,
mostly due to rising external public sector debt. The net external
debt is expected to converge with the 'BB' current median of 20.5%
of GDP. Colombia's international reserves have risen markedly over
the last two years, reaching USD58 billion, up from USD52.7 billion
in 2019. As a result, Colombia's external liquidity metrics have
improved with reserve coverage of current account payments expected
to reach nearly nine months, up from 7.5 months in 2019, above the
current 'BB' median of 6.6 months.

Colombia's external liquidity metric has risen above 100% in 2021,
up from nearly 90% in in 2019. Furthermore, Colombia maintains a
flexible credit line with the IMF with access to USD12.2 billion
through the facility (after drawing USD5.4 billion in December
2020).

Congressional and presidential elections are scheduled for March
and May 2022, respectively. A second-round presidential run-off
would take place in June, if no candidate garners more than 50% of
the vote in the first round. No matter the winner, Fitch does not
expect major changes to the macroeconomic framework. Several
coalitions have formed to field a presidential candidate, which are
expected to be announced by March 2022. The top contender for the
centrist coalition, Centro Esperanza, is Sergio Fajardo, ex-mayor
of Medellin.

On the left, Pacto Historico's likely candidate is Gustavo Petro,
Senator and former mayor of Bogota, who leads in early polls. He
calls for increased social expenditure and an end to new oil
contracts, as well as a move toward more renewable energy sources
in an effort to reduce commodity dependence and help Colombia meet
its climate change commitments. Equipo por Colombia, on the right,
is led by three former mayors but does not have a clear
front-runner yet. Oscar Ivan Zuluaga, former Finance minister, was
recently chosen to represent the government's Centro Democratico
party.

All candidates, including Petro, are experienced politicians and
none is running on an anti-establishment platform. Furthermore,
Fitch expects the congress to remain fragmented and largely
centrist, requiring consensus building to pass legislation. An
independent central bank and autonomous judicial system will also
provide checks and balances to the executive, no matter who wins
the presidential election.

ESG - Governance: Colombia has an ESG Relevance Score (RS) of '5' &
5[+]', respectively for both Political Stability and Rights and for
the Rule of Law, Institutional and Regulatory Quality and Control
of Corruption. Theses scores reflect the high weight that the World
Bank Governance Indicators (WBGI) have in Fitch's proprietary
Sovereign Rating Model. Colombia has a medium WBGI ranking at 45.8
reflecting a recent track record of peaceful political transitions,
a moderate level of rights for participation in the political
process, moderate institutional capacity, established rule of law
and a moderate level of corruption.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- Public Finances: A failure to achieve fiscal consolidation
    that leads to a significant deterioration in Colombia's
    general government debt to GDP ratio relative to the 'BB' peer
    median;

-- Macro: Diminished medium-term growth prospects well below
    Colombia's historical potential of 3.5%, leading to continued
    high unemployment and poverty levels with social
    ramifications;

-- External Finances: large increase in net external debt to GDP,
    raising external vulnerabilities.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- Public Finances: Achieving sustained primary fiscal balances
    consistent with a steadily declining GGGD to GDP ratio that
    enhances fiscal policy credibility;

-- Macro: Higher sustained medium-term economic growth above
    Colombia's historical averages of about 3.5%;

-- Structural: Steady improvement in governance indicators that
    leads to improved social cohesion and reform momentum,
    improving Colombia's structural fiscal position as well as
    medium term growth prospects.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Colombia a score equivalent to a
rating of 'BB+' on the Long-Term Foreign Currency IDR scale.
Fitch's sovereign rating committee did not adjust the output from
the SRM to arrive at the final Long-Term Foreign Currency IDR.

Macroeconomic: +1 notch added to compensate for the
disproportionate negative impact of the GDP volatility variable on
the SRM score driven by the impact of the pandemic shock, which
Fitch believes will be temporary, and would otherwise add excess
volatility to the rating. Colombia has a long track record of
stable positive growth with only one year of negative growth in the
last 30 years.

Fiscal: Fitch has introduced a -1 notch to reflect Colombia's rigid
spending profile and limited ability to achieve a structural fiscal
consolidation consistent with debt reduction over the medium-term.
This is evidenced by continued large deficits through 2023 as well
as reliance on one-off revenues to meet fiscal targets in the last
few years and uncertainty on the ability of government to achieve
spending reduction and on the impact on revenues from recently
passed tax reform and improved tax administration both in terms of
size and timing.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of three notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.

ESG CONSIDERATIONS

Colombia has an ESG Relevance Score of '5' for Political Stability
and Rights as World Bank Governance Indicators have the highest
weight in Fitch's SRM, and are therefore highly relevant to the
rating and a key rating driver with a high weight. As Colombia has
a percentile rank below 50 for the respective Governance Indicator,
this has a negative impact on the credit profile.

Colombia has an ESG Relevance Score of '5[+]' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
World Bank Governance Indicators have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and are a key
rating driver with a high weight. As Colombia has a percentile rank
above 50 for the respective Governance Indicators, this has a
positive impact on the credit profile.

Colombia has an ESG Relevance Score of '4[+]' for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
World Bank Governance Indicators is relevant to the rating and a
rating driver. As Colombia has a percentile rank above 50 for the
respective Governance Indicator, this has a positive impact on the
credit profile.

Colombia has an ESG Relevance Score of '4[+]' for Creditor Rights
as willingness to service and repay debt is relevant to the rating
and is a rating driver for Colombia, as for all sovereigns. As
Colombia has track record of 20+ years without a restructuring of
public debt and captured in Fitch's SRM variable, this has a
positive impact on the credit profile.

Except for the matters discussed above, the highest level of ESG
credit relevance, if present, is a score of 3. This means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity(ies), either due to their nature or to the way in which
they are being managed by the entity(ies).

PACIFICO TRES: Fitch Keeps 'BB+' Ratings on Rating Watch Negative
-----------------------------------------------------------------
Fitch Ratings maintained Rating Watch Negative (RWN) on the
following ratings of Fideicomiso P.A. Pacifico Tres (Pacifico):

-- USD260.4 million USD bonds at 'BB+';

-- COP397,000 million UVR bonds at 'BB+' and 'AA+(col)';

-- COP300,000 million UVR loan at 'BB+' and 'AA+(col)';

-- COP450,000 million COP Loan A at 'AA+(col)';

-- COP150,000 million COP Loan B at 'AA+(col)'.

RATING RATIONALE

The maintenance of the RWN reflects the continued uncertainty
around the project's ability to meet its construction-related,
operational and financial obligations under the concession
agreement and financing documents, as a consequence of the
suspension in the disbursements of the COP loan. The latter was
triggered by an alleged corruption investigation on Constructora
Meco, S.A. (Meco), one of the project shareholders and Fitch
considers it has potential to jeopardize the project's capacity to
timely deliver the road infrastructure as mandatory per the
concession agreement, and may also result in lower-than-expected
revenues and/or penalties that can ultimately affect the liquidity
position.

Fitch acknowledges that a remediation plan is currently in process
to modify the financing documents and resume the COP loan
disbursements. Also, that construction works have successfully
advanced and the concessionaire has received a certificate of
completion for UF2, which would be expected to provide additional
liquidity to the project, allowing it to continue with the
construction works. However, if delays in the amendments to the
financing documents endure, or if revenues related to UF2 are not
received in the next few months, the project's liquidity position
may be impacted.

The RWN will be resolved once the financing documents are amended
and the COP loan disbursements are resumed. Also, once the project
effectively receives the trapped revenues associated to the
completion of works in connection with UF2.

The ratings are based on the adequate mitigation of the project's
exposure to completion risk and low revenue risk due to the
existence of traffic top-ups and grantor payments, a strong debt
structure, characterized by several prefunded reserve accounts,
distribution tests, a cash sweep mechanism and robust liquidity
mechanisms. Under Fitch's rating case, Pacifico presents a loan
life coverage ratio (LLCR) of 1.5x, which is robust for the rating
category according to applicable criteria and revenue profile, but
is limited to the credit quality of Agencia Nacional de
Infraestructura (ANI). The latter is viewed as a credit-linked
entity to the Government of Colombia (BB+/Stable).

KEY RATING DRIVERS

Completion Risk Adequately Mitigated [Completion Risk: High
Midrange]: Construction works are performed under a fixed price and
with date-certain engineering, procurement and construction (EPC)
contracts with a consortium composed of all project sponsors
(acting directly and not through affiliates). All obligations will
be assumed on a joint and several basis. Constructora MECO is the
only Fitch publicly-rated sponsor (A-(pan)/RWN).

Construction works comprise short road stretches, two tunnels and
several bridges. Other works to be carried during the construction
phase are related to the improvement of existing roads. The project
involves a certain degree of complexity, such as constructing the
3.4km Tesalia tunnel and the risk of landslides due to unstable
slopes. According to the independent engineer, the EPC contractor
has the experience and the ability to successfully develop the
project. The completion schedule is adequate, and the performance
bond and secured, multipurpose loan facility (SMF) provide enough
liquidity to cover debt service should the EPC contractor need to
be replaced. Nevertheless, the assessment is constrained at high
midrange due to material permitting risk.

Low Exposure to Volume Risk [Revenue Risk - Volume: Midrange]: The
project's revenues mainly consist of the ANI's contributions and
toll revenues streaming from toll collection and top-up traffic
payments. Traffic revenues are not subject to the demand of price
risk, even if traffic volumes are severely below expectations or
expected price increases are not implemented. The ANI will
periodically compensate the concessionaire if toll collections are
below the amounts established in the concession contract. The ANI
payment obligations under the concession agreement are consistent
with the credit quality of the grantor, the ANI. The latter is
viewed as a credit-linked entity to the Government of Colombia
(Local Currency Issuer Default Rating BB+/Stable).

Sources of revenue are subject to infrastructure availability,
service levels and quality standards, based on the fulfillment of
indicators provided in the concession agreement. There are clearly
defined, unambiguous, back-to-back penalty deduction mechanisms in
the concession agreement with robust cure periods. Deductions are
legally capped at 10%. Additionally, fines imposed on the
concessionaire, as well as penalty clauses in case of early
termination of the agreement, are limited by contract.

Inflation Adjusted Tolls [Revenue Risk - Price: Midrange] Tariffs
are annually adjusted by the inflation rate at the beginning of the
year. Toll rates are moderate, and if the net present value of toll
collections received by the 8th, 13th, 18th, and last year of the
concession is below guaranteed values, the ANI has the obligation
to cover any shortfalls, after deductions.

Adequate Maintenance Plan [Infrastructure Development and Renewal:
Midrange]: The project depends on a moderately developed capital
and maintenance plan to be implemented directly by the
concessionaire. The plan will be largely funded from project cash
flows. The concession agreement does not contemplate hand-back
requirements; however, the concessionaire is to operate and
maintain the road according to the pre-established standards at all
times. The structure includes a dynamic 12-months forward-looking
O&M reserve account for routine and periodic maintenance
expenditures.

The independent engineer believes the concessionaire has the
experience and the ability to operate the Project successfully. The
O&M plan, organizational structure and budget, appear reasonable
and in line with similar Colombian projects. The concessionaire has
a liquid support instrument equivalent to the maximum amount of O&M
expenses forecast for six months. This instrument must be issued by
a financial entity with a minimum credit rating of 'BBB-' or
'AA+(col)'.

Robust Debt Structure [Debt Structure: Stronger]: The debt is fully
amortizing, senior secured, comprising USD-, UVR- and
COP-denominated financings. USD-denominated debt, which is matched
with USD-linked currency revenues settled in COP (49% of future
budget allocations [Vigencias Futuras] are USD-linked), has also
been issued at a fixed rate. Furthermore, the transaction
contemplates a short-term hedging mechanism provided by eligible
counterparties to cover foreign exchange risk exposure fully. UVR-
and COP-denominated debt is indexed to inflation and is not exposed
to basis risk.

Structural features include multiple reserve accounts and a cash
sweep mechanism. Robust liquidity mechanisms are in place to
mitigate liquidity/budgetary risk, construction delays, and reduced
cash flow generation due to low traffic performance. The
transaction has a fully-committed revolving subordinated SMF, equal
to 15% of outstanding senior debt, in which eligible lenders have
committed to disburse funds to the project company when necessary.
Additional liquidity includes 12-months principal and interest
prefunded onshore and offshore debt service reserve accounts
(DSRA).

Financial Summary: Fitch's rating case LLCR is 1.3x, which is
robust for the rating category according to Fitch's applicable
criteria and when compared with other similarly rated transactions,
particularly in light of the project's low exposure to volume risk,
but limited to the counterparty risk rating of ANI's obligation.
Also, the debt service coverage ratio (DSCR) profile presents
levels below one times (1.0x) in four years. However, the cash flow
available for debt service shortfall in those years are expected to
be covered with funds of the debt service reserve account and, if
needed, making use of additional liquidity sources available.

ESG - Governance: Pacifico has an Environmental, Social and
Governance (ESG) Relevance Score of '5' for the exposure to the
Group Structure element due to ongoing investigations into Meco's
alleged public corruption acts in the awarding of conservation and
road maintenance works in Costa Rica. The corruption investigation
has triggered the suspension of debt disbursements and has
negatively impacted the project's credit profile, which is relevant
to the ratings on an individual basis.

PEER GROUP

Pacifico is comparable to Fideicomiso P.A. Costera (Costera), rated
'BB+'/Stable and 'AA+(col)'/Positive. Costera is Pacifico's closest
peer, as both concessions are part of the 4G toll road program and
share volume, price, infrastructure and development/renewal, and
debt structure risk attributes. Pacifico involves construction
works of higher complexity but has the same minimum LLCR as
Costera's at 1.5x. Costera has higher construction progress above
90%, supporting the Positive Outlook on the national scale
ratings.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- Failure to secure resources to meet construction-related,
    operational and financial obligations;

-- Completion difficulties leading to delays and cost overruns
    beyond those already contemplated in Fitch's scenarios;

-- Deterioration in Fitch's view regarding the ANI's credit
    quality's contributions.

Factor that could, individually or collectively, lead to positive
rating action/upgrade:

-- No positive rating action is anticipated at this time given
    the ratings are on RWN.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of three notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.

CREDIT UPDATE

As of September 2021, the overall construction progress is 87.9%
complete, 9.9% behind the programmed progress of 97.8%. The
expected project completion date was extended to October 2022 from
November 2021 via intercreditor vote in October 2021, in order to
provide additional time to complete the remaining works of UF5.

For UF2, the concessionaire didn't finish the works on the
scheduled completion date in July 2021. According to the IE, this
was due to circumstances outside of the control of the
concessionaire such as the national strike (paro nacional) that
took place in Colombia during April and May 2021. During these
months, social protests against the government's proposed health
and tax resulted in groups of people blocking the road, caused
vandalic acts and incinerated the Acapulco toll plaza.
Additionally, this affected the supply of materials, equipment and
raw materials required for the construction works. The
concessionaire requested a Liability Exculpatory Events (LEE) to
get an extension of 105 days as compensation for the delays caused.
In November 2021, the concessionaire received the certificate of
completion for this UF.

UF3 has a construction progress of 99.9% and received a certificate
of partial completion in October 2021 including UF3.2.
Additionally, in September 2021, the concessionaire began the
verification process of UF3.1.

UF5 has a delay of 38.6%. The Long-Stop Date (LSD) was extended to
March 2022 to allow the concessionaire to deliver approximately
20km to the ANI supervisor by January 2022. However, the IE
indicated that the new LSD is insufficient to comply with the
remaining works. As a result, the concessionaire has requested
three additional LEEs to compensate for the national strike in
Colombia, and difficulties related to rights of ways and the
enforcement of road closures required to perform the construction
works. These LEEs would allow the project to complete the
construction works by December 2022.

As of October 2021, Acapulco and Supia's toll booths reached an
average annual daily traffic (AADT) of 3,302 vehicles and 3,881
vehicles, respectively, which represent 84.8% and 94.6% of the
levels observed in the same period of 2019. AADT in the Irra toll
booth reached 3,906 vehicles. Traffic performance was below Fitch's
rating case expectations of 98% of recovery for Acapulco and
Supia's toll booths, while for Irra, Fitch expected an AADT of
4,514 vehicles. The latter was due to the social protests that
severely affected traffic recovery in April and May 2021.
Nevertheless, at the close of October 2021, traffic has reached
full recovery in Acapulco and Supia's toll booths, while Irra's
AADT was closer to Fitch's expectations for 2021.

As of October 2021, toll revenue was reported at COP53.1 billion;
however, the concessionaire is currently only entitled to receive
approximately 40% of the collection, in line with Fitch's
expectations. Fitch also expected the project to receive in 2021
trapped FBAs and toll revenues associated with UF2 to reach
COP165.3 billion. However, due to the construction delays, these
revenue streams have not been received. Fitch expects this amount
to be received in December 2021.

As of August 2021, operational, maintenance and administrative
expenditures were COP31 billion, in line with Fitch's expectations
under its rating case for the same period.

FINANCIAL ANALYSIS

For Acapulco and Supia toll booths, Fitch's base case considered
the actual traffic as of October 2021 and assumed a recovery for
the remaining of the year at 100%, totaling 88% and 89% recovery in
2021, compared to 2019's traffic, respectively. Additionally, in
2022 Fitch assumes 100% of traffic compared to 2019. From
2023-2035, the agency assumed traffic would grow at a CAGR of
1.9%.

In Irra toll station, the agency assumed traffic would decrease
roughly 9% between 2021 and 2022 due to the opening of the
Tesalia's tunnel. From 2023-2035, the agency assumed traffic would
grow at a CAGR of 2.0%. For Guaico toll station, Fitch expects
traffic will reach an AADT of 1,933 vehicles in 2022, following the
opening of UF2. Then, from 2023-2035, the agency assumed traffic
would grow at a CAGR of 2.3%

Fitch also adjusted its projections for construction delays in UF5,
and expects the project to receive a certificate of completion in
December 2022. Toll rates are assumed to increase by inflation,
projected at 3.8% in 2021, 4.3% in 2022 and 3.0% afterward. O&M and
major maintenance expenses were increased by inflation plus 5.0%
and 3.0%, respectively, for every year from the concessionaire's
budget, while the performance ratio was assumed at 99.0%.

The agency assumed FBAs payment would present a three-month delay,
while the top-up payment delay would be equivalent to 18 months.
The assumptions represent the maximum days of delay permitted
before a termination event is triggered according to the concession
agreement.

Under this scenario, minimum LLCR is 1.6x, while minimum DSCR is
0.7x. Although a DSCR profile with coverages below 1.0x may reflect
short-term liquidity issues, this is not a concern for Pacifico, it
benefits from a 12-month DSRA and a subordinated multipurpose loan
facility (SMF).

Fitch's rating case assumed the same traffic for 2021 and 2022 for
all toll booths than the base case. From 2023-2035, the agency
assumed traffic would grow at a CAGR of 1.2% for Acapulco and Supia
toll booths, and 1.3% for Irra and Guaico. Fitch also assumed the
same construction delays in UF5, toll rates, inflation projections,
and FBAs payments and top-up payment delays than the base case. O&M
and major maintenance expenses were increased by inflation plus
7.5% and 5.0%, respectively, for every year from the
concessionaire's budget, while the performance ratio was assumed at
95.0%.

Under this scenario, minimum LLCR is 1.5x, while minimum DSCR is
0.6x. Pacifico's liquidity would also be enough to address
projected DSCRs below 1.0x.

SECURITY

The secured parties benefit from a first-priority security interest
in, control over, and lien on all of the issuer rights in the
indenture trustee accounts and the funds, financial assets and
other properties deposited and to be deposited in such accounts.

Senior lenders share common collateral on a pari passu basis in
relation to all current and future debt of the project company. All
proceeds from the collateral will be paid to the intercreditor
agent, who, in turn, will distribute the monies to the secured
parties. None of the parties will have the right to take
independent enforcement in respect to the common collateral.

ESG CONSIDERATIONS

Fideicomiso P.A. Pacifico Tres has an ESG Relevance Score of '5'
for Group Structure due to ongoing investigations into Meco's
alleged public corruption acts in the awarding of conservation and
road maintenance works in Costa Rica, which has a negative impact
on the credit profile, and is highly relevant to the rating,
resulting in a RWN.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.



===================
C O S T A   R I C A
===================

BANCO NACIONAL: Moody's Affirms 'B2' Long Term Deposit Rating
-------------------------------------------------------------
Moody's Investors Service has affirmed all ratings and assessments
assigned to Banco Nacional de Costa Rica (BNCR) and Banco de Costa
Rica (BCR), including both banks' long-term local and foreign
currency deposit ratings of B2 and the baseline credit assessments
(BCAs) of b2. The rating agency also affirmed BNCR's B2 long-term
foreign currency senior unsecured debt rating. The banks'
counterparty risk ratings of B1 and Not Prime as well as the
counterparty risk assessments of B1(cr) and Not Prime (cr), for
long and short-term, respectively, were also affirmed. At the same
time, Moody's also changed the outlook on these banks' deposit and
debt ratings to stable, from negative.

This rating action follows Moody's affirmation of B2 sovereign bond
rating assigned to the Government of Costa Rica and outlook change
to stable, from negative, announced on December 8, 2021, " Moody's
changes Costa Rica's outlook to stable, affirms B2 ratings".

ENTITIES AFFECTED

Banco Nacional de Costa Rica

Banco de Costa Rica

A List of Affected Credit Ratings is available at
https://bit.ly/3GwizVf

RATINGS RATIONALE

The affirmation of BNCR's and BCR's ratings and the change in
outlook to stable was prompted by the affirmation of the sovereign
bond rating assigned to the Government of Costa Rica at B2 and the
outlook change to stable. The stable outlook on the sovereign debt
rating reflects (1) the gradual deficit reduction and lower funding
needs resulting from a recovering economy, and (2)the expectations
that the current International Monetary Fund (IMF) program will
support structural policy changes by the next administration. The
B2 sovereign bond rating for Costa Rica also acknowledges the
country's relative wealth levels and a dynamic economy balanced by
the decade-long rise in the government's main debt metrics.

In affirming the B2 deposit and debt ratings assigned to BNCR and
BCR, Moody's notes both banks' well-established banking franchises
in Costa Rica, which ensure a steady core-funding structure
supported by superior access to retail and public-sector deposits,
a condition linked to these banks' government ownership. BNCR and
BCR have ample liquidity buffers, which, however, are largely held
in sovereign securities, that accounted for 10% and 23% of the
banks' total assets, respectively, in September 2021. Moreover, in
both cases, for BNCR and BCR, their credit profiles are constrained
by modest profitability compared to other banks in the country,
resulting from their focus on lower-yielding asset classes and high
mandatory transfers to government entities, a factor that is part
of their state-banking role, and a limitation to internal capital
generation. This results in lower capital metrics, considering
Moody's preferred capital measure of tangible common equity to risk
weighted assets (TCE ratio). As of September 2021, Banco Nacional
de Costa Rica had a TCE ratio of 11.2%, while Banco de Costa Rica
had 6.8%, in both cases these are levels that remain below the
median of 13.6% for b2 BCA banks.

In terms of asset risk, both BNCR and BCR have faced gradual
deterioration in asset quality since 2019, driven by the slower
economic growth and higher unemployment in Costa Rica, as well as
sizeable borrowers' exposure to foreign-currency risk, as part of
the loans are granted in foreign-currency to local-currency
earners. However, the relatively low exposure to riskier unsecured
consumer loans and the recent pickup in economic activity in Costa
Rica will likely limit further asset risk pressures, as borrowers
benefited from wide relief programs granted by the banks in 2020
and extended to the end of 2021. As of September 2021, BNCR
reported problem loans of 3.2%, and BCR of 2.8%, and in both cases,
the reserve coverage ratio remained adequate at 106% and 140%,
respectively.

BNCR and BCR's b2 BCAs are aligned with Costa Rica's government
bond rating at B2. The deposit ratings are also at B2 despite the
incorporation of full support from the Government of Costa Rica,
these banks' sole shareholder, as well as the guarantee extended by
the government to both BCR's and BNCR's obligations (according to
Article 4 of the Banking Law [1]). This alignment also takes into
account these banks' public policy mandate, and the importance of
their deposit and loan franchises within the Costa Rican financial
system.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Both banks' ratings would be upgraded if Costa Rica's sovereign
bond rating was to be upgraded considering Moody's assessment of
full public support for the banks.

Conversely, their ratings could be downgraded in the event of a
downgrade of Costa Rica's sovereign bond rating. Additionally, the
banks' BCAs could face downward pressure if their asset quality,
profitability, or capital deteriorate materially. However, if the
banks' BCAs were lowered without a preceding downgrade of the
sovereign rating, their ratings could be maintained due to Moody's
assessment of full support to the banks from the government.

The principal methodology used in these ratings was Banks
Methodology published in July 2021.



===================================
D O M I N I C A N   R E P U B L I C
===================================

DOMINICAN REPUBLIC: IDB OKs $100M Loan to Assist Vulnerable Locals
------------------------------------------------------------------
The Inter-American Development Bank (IDB) approved financing of
$100 million to improve the living conditions of vulnerable
populations in the country.

The operation will support the generation of opportunities for the
employment of beneficiaries of the Superate Program in the care
sector.

The program approved by the IDB focuses on improving the social
protection network, by introducing innovations in the Unique System
of Beneficiaries to identify users and support families through
conditional cash transfers (CCT) in health and education.

In addition, it provides for the creation and management of a care
network, the strengthening of care services, the purchase of
support devices for the population with disabilities, and the
construction, expansion, and equipment for these purposes.

Interventions will benefit all households in the Supérate Program,
which is estimated to reach 1,350,000 participants. Specifically,
transfers are expected to contribute to consumptions levels of
around 171,000 households.

Supporting vulnerable populations and gender equality are two of
the IDB Group's objectives in its Vision 2025, a roadmap to achieve
inclusive and sustainable growth in Latin America and the
Caribbean.

El prestamo tiene un período de desembolso de 4 anos, un período
de gracia de 5,5 anos y una tasa de interés basada en LIBOR.

                  About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.

As reported in the Troubled Company Reporter-Latin America on
Dec. 10, 2021, Fitch Ratings has revised the Outlook on Dominican
Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR)
to Stable from Negative and affirmed the IDRs at 'BB-'

TCRLA reported in April 2019 that the Dominican Today related that
Juan Del Rosario of the UASD Economic Faculty cited a current
economic slowdown for the Dominican Republic and cautioned that if
the trend continues, growth would reach only 4% by 2023. Mr. Del
Rosario said that if that happens, "we'll face difficulties in
meeting international commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Fitch Ratings on Jan. 18, 2021, assigned a 'BB-' rating to
Dominican Republic's USD1.5 billion 5.3% notes due Jan. 21, 2041.
Concurrently, the Dominican Republic reopened its 2030 4.5% notes
for an additional USD1.0 billion, which Fitch rates 'BB-', raising
the total outstanding amount of the 2030 notes to USD2.0 billion.

Standard & Poor's, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term sovereign credit ratings. The negative
outlook reflects S&P's view that it could lower the ratings on the
Dominican Republic over the next six to 18 months, given the
severe impact of the COVID-19 pandemic on the sovereign's already
vulnerable fiscal and external profiles, as well as the potential
for a weaker-than-expected economic recovery.

Moody's credit rating for Dominican Republic was last set at Ba3
with stable outlook (July 2017). Fitch's credit rating for
Dominican Republic was last reported at BB- with negative outlook
(May 8, 2020).


[*] DOMINICAN REPUBLIC: New Livestock System Will Make SMEs Improve
-------------------------------------------------------------------
Dominican Today reports that the former president of the
Association of Farmers and Farmers of the Dominican Republic, Pablo
Contreras, considered that the efficient production model for dairy
cattle in the country would make small and medium-sized farmers
more competitive and improve productivity.

He highlighted the importance of the Megaleche program, advised by
Brazilian agronomists, who implement a modern system on Voisin
Rational Pastoral, which will provide more significant benefits for
the farmer, according to Dominican Today.

"This initiative promoted by the Rica Group and Conaleche is very
important, it is a way to promote efficient grazing in a tropical
country like ours," said the rancher in the Eastern Region, the
report notes.

He estimated that with the incorporation of new types of cattle and
the efficient management of grazing, the productivity and
competition of the small and medium rancher would be much more
profitable in production, the report relays.

Although the modern system on the use of Voisin Rational Pastoral
began to be implemented in the country a couple of years ago, the
advice of experts brought by the Rica Group and Conaleche to train
in this regard and utility in the country will allow it to be
replicated more efficiently, the report discloses.

Through this novel procedure in livestock production, agronomy
professionals seek to increase the number of cattle, sustainable
use of the soil and improve productive results through biotic
processes that significantly reduce costs, the report adds.

                    About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.

As reported in the Troubled Company Reporter-Latin America on
Dec. 10, 2021, Fitch Ratings has revised the Outlook on Dominican
Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR)
to Stable from Negative and affirmed the IDRs at 'BB-'

TCRLA reported in April 2019 that the Dominican Today related that
Juan Del Rosario of the UASD Economic Faculty cited a current
economic slowdown for the Dominican Republic and cautioned that if
the trend continues, growth would reach only 4% by 2023. Mr. Del
Rosario said that if that happens, "we'll face difficulties in
meeting international commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Fitch Ratings on Jan. 18, 2021, assigned a 'BB-' rating to
Dominican Republic's USD1.5 billion 5.3% notes due Jan. 21, 2041.
Concurrently, the Dominican Republic reopened its 2030 4.5% notes
for an additional USD1.0 billion, which Fitch rates 'BB-', raising
the total outstanding amount of the 2030 notes to USD2.0 billion.

Standard & Poor's, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term sovereign credit ratings. The negative
outlook reflects S&P's view that it could lower the ratings on the
Dominican Republic over the next six to 18 months, given the
severe impact of the COVID-19 pandemic on the sovereign's already
vulnerable fiscal and external profiles, as well as the potential
for a weaker-than-expected economic recovery.

Moody's credit rating for Dominican Republic was last set at Ba3
with stable outlook (July 2017). Fitch's credit rating for
Dominican Republic was last reported at BB- with negative outlook
(May 8, 2020).




=============
E C U A D O R
=============

ECUADOR DPR: Fitch Rates USD150MM Series 2020-1 Loans 'BB-'
-----------------------------------------------------------
Fitch Ratings has affirmed the $150 million outstanding series
2020-1 loans issued by Ecuador DPR Funding Limited at 'BB-'. The
Rating Outlook has been revised to Stable from Negative following
the revision of Banco Pichincha C.A. y Subsidiarias' (BP) Outlook
on Dec. 6, 2021.

The Stable Outlook on the notes reflects the Stable Outlook
assigned to BP.

DEBT         RATING          PRIOR
----         ------          -----
Ecuador DPR Funding

2020-1    LT BB- Affirmed    BB-

TRANSACTION SUMMARY

The future flow program will be backed by U.S. dollar-denominated,
existing and future diversified payment rights (DPRs) originated in
the U.S. (AAA/Negative) by Banco Pichincha C.A. y Subsidiarias (BP)
of Ecuador. A majority of DPRs (86.6% in 2019) are processed by
designated depository banks (DDBs) that will execute account
agreements. Fitch's rating addresses timely payment of interest and
principal on a quarterly basis.

KEY RATING DRIVERS

Future Flow Rating Driven by Originator's Credit Quality: The
rating of this future flow transaction is tied to the credit
quality of the originator, BP. On Dec. 6, 2021, Fitch affirmed BP's
Long-Term Issuer Default Rating (IDR) at 'B-' and revised the
Rating Outlook to Stable from Negative. The Stable Outlook assigned
to BP reflects Fitch's adjustment of its operating environment
assessment for the Ecuadorian banking system to Stable from
Negative as Fitch expects a favorable environment for economic and
credit growth, as well for the Ecuadorian banks' financial
performance recovery.

Going Concern Assessment (GCA) Score Supports Notching
Differential: Fitch uses a GCA score to gauge the likelihood that
the originator of a future flow transaction will stay in operation
through the transaction's life. Fitch assigns a GCA score of 'GC1'
to BP based on the bank's systemic importance and largest bank in
the Ecuadorian banking system in terms of assets and deposits. The
score allows for a maximum of six notches above the Local Currency
(LC) IDR of the originator; however, additional factors limit the
maximum uplift.

Factors Limit Notching Differential: The 'GC1' score allows for a
maximum six-notch rating uplift from the bank's IDR, pursuant to
Fitch's future flow methodology. However, uplift is tempered to
three notches from BP's IDR mainly due to Ecuador's lack of last
resort lender.

Moderate Future Flow Debt Relative to BP's Balance Sheet: Total
future flow debt including the series 2020-1 loan represent
approximately 1.1% of BP's total funding and 19.4% of non-deposit
funding utilizing unconsolidated financials as of June 2021. Fitch
considers the ratio of future flow debt to overall non-deposit
funding to be low enough to allow the financial future flow ratings
up to the maximum uplift indicated by the GCA score.

Coverage Levels Commensurate with Assigned Rating: When considering
rolling quarterly DDB flows between August 2016 and July 2021,
Fitch expects the quarterly minimum debt service coverage ratio
(DSCR) to be approximately 166.2x, considering the maximum debt
service for the life of the program.

No Lender of Last Resort: Ecuador is a dollarized economy without a
true lender of last resort. While certain mechanisms are in place
to help fend off a banking system crisis, this limits the notching
differential of the transaction.

Reduced Redirection/Diversion Risk: The structure mitigates certain
sovereign risks by collecting cash flows offshore until collection
of the periodic debt service amount, allowing the transaction to be
rated over the sovereign country ceiling. Fitch believes payment
diversion risk is partially mitigated by the Account Agreements
signed by the three correspondent banks processing the vast
majority of U.S. dollar DPR flows originating in the U.S.

RATING SENSITIVITIES

Factor that could, individually or collectively, lead to negative
rating action/downgrade:

-- The transaction ratings are sensitive to changes in the credit
    quality of BP. A deterioration of the credit quality of BP is
    likely to pose a constraint to the current rating of the
    transaction.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- Fitch does not anticipate developments with a high likelihood
    of triggering an upgrade. However, the main constraint to the
    program rating is the originator's rating and BP's operating
    environment. If upgraded, Fitch will consider whether the same
    uplift could be maintained or if it should be further tempered
    in accordance with criteria.

-- The transaction ratings are sensitive to the ability of the
    DPR business line to continue operating, as reflected by the
    GCA score and a change in Fitch's view on the bank's GCA score
    can lead to a change in the transaction's rating.
    Additionally, the transaction rating is sensitive to the
    performance of the securitized business line. The expected
    quarterly DSCR is approximately 166.2x, and should therefore
    be able to withstand a significant decline in cash flows in
    the absence of other issues. However, significant further
    declines in flows could lead to a negative rating action. Any
    changes in these variables will be analyzed in a rating
    committee to assess the possible impact on the transaction
    ratings.

-- No company is immune to the economic and political conditions
    of its home country. Political risks and the potential for
    sovereign interference may increase as a sovereign's rating is
    downgraded. However, the underlying structure and transaction
    enhancements mitigate these risks to a level consistent with
    the assigned rating.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The future flow ratings are driven by the credit risk of Banco
Pichincha C.A. as measured by its Long-Term IDR.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

GUAYAQUIL MERCHANT: Fitch Affirms USD175MM 2019-1 Notes at 'BB-'
----------------------------------------------------------------
Fitch Ratings has affirmed the $175 million outstanding series
2019-1 notes issued by Guayaquil Merchant Voucher Receivables
Limited at 'BB-'. The Rating Outlook was revised to Stable from
Negative following the revision of Banco Guayaquil S.A.'s (BG)
Outlook on Dec. 6, 2021.

The Stable Outlook on the notes reflects the Stable Outlook
assigned to BG.

      DEBT            RATING         PRIOR
      ----            ------         -----
Guayaquil Merchant Voucher Receivables Limited

2019-1 401539AA9   LT BB- Affirmed   BB-

TRANSACTION SUMMARY

The transaction is backed by future flows due from American Express
(AmEx), Visa International Service Association (Visa) and
Mastercard International Incorporated (Mastercard) related to
international merchant vouchers acquired by BG in Ecuador.

Fitch's ratings reflect timely payment of interest and principal on
a quarterly basis.

KEY RATING DRIVERS

FF Rating Driven by Originator's Credit Quality: The rating of this
future flow (FF) transaction is tied to the credit quality of the
originator, BG. On Dec. 6, 2021, Fitch affirmed BG's Long-Term
Issuer Default Rating (IDR) at 'B-' and revised the Rating Outlook
to Stable from Negative. The Stable Outlook assigned to BG reflects
Fitch's adjustment of its operating environment assessment for the
Ecuadorian banking system to Stable from Negative as Fitch expects
a favorable environment for economic and credit growth, as well for
the Ecuadorian banks' financial performance recovery.

GCA Supports Notching Differential: Fitch uses a going concern
assessment (GCA) score to gauge the likelihood that the originator
of an FF transaction will stay in operation throughout the
transaction's life. Fitch assigned a GCA score of 'GC2' to BG based
on the bank's systemic importance. The score allows for a maximum
of four notches above the Local-Currency IDR of the originator, but
additional factors limit the maximum uplift.

Several Factors Limit Notching Differential: The 'GC2' allows for a
maximum four notch-rating uplift from the bank's Long-Term IDR
pursuant to Fitch's FF methodology. However, the agency currently
limits the rating uplift for the FF program to three notches from
BG's IDR due to factors including Ecuador's lack of last resort
lender and exposure to de-dollarization risk when it comes to flow
volumes. Fitch also reserves the maximum notching uplift for
originator's rated at the lower end of the rating scale.

Moderate FF Debt Relative to Balance Sheet: The existing merchant
voucher program represents approximately 3.5% of BG's total
liabilities and approximately 30.1% of BG's non-deposit funding
utilizing financials as of March 2021. Fitch will not allow the
maximum uplift for an originator that has FF debt greater than 30%
of the overall non-deposit funding.

Coverage Levels Commensurate with Rating: Transaction flows have
increased significantly over the past year and are now comparable
to pre-pandemic levels. Coverage levels have remained sufficient to
cover quarterly debt service payments and remain commensurate with
the rating on the outstanding notes. Maximum quarterly debt service
is expected to begin in January 2022 and is approximately $10.4
million. When considering rolling quarterly flows over the last
five years (since June 2016), Fitch expects quarterly debt service
coverage ratios to be approximately 3.9x the maximum debt service
for the life of the program.

No Lender of Last Resort: Ecuador is a dollarized economy without a
true lender of last resort. While certain mechanisms are in place
to help fend off a banking system crisis, this weakness limits the
transaction rating.

De-dollarization Risk: While the dollarization regime anchors
macroeconomic stability, the risk of de-dollarization exists. It
would only occur in an extreme scenario but would be a major shock
to the Ecuadorean system.

Reduced Redirection/Diversion Risk: The structure mitigates certain
sovereign risks by collecting cash flows offshore until investors
are paid. Fitch believes diversion risk is mitigated by notice,
consent and agreements obligating AmEx, Visa and MasterCard to
remit payments to the collection accounts controlled by the
trustee.

RATING SENSITIVITIES

Factor that could, individually or collectively, lead to negative
rating action/downgrade:

-- The transaction's ratings are sensitive to changes in the
    credit quality of BG, S.A. A deterioration of the credit
    quality of BG could pose a constraint to the rating of the
    transaction from its current level.

Factor that could, individually or collectively, lead to positive
rating action/upgrade:

-- Fitch does not currently anticipate development with a high
    likelihood of triggering an upgrade. However, the main
    constraint to the program rating is the originator's rating
    and BG's operating environment. If a positive ration
    action/upgrade occurs, Fitch will consider whether the same
    uplift could be maintained or if it should be further tempered
    in accordance with criteria.

The transaction ratings are sensitive to changes to the bank's IDR;
the ability of the credit card acquiring business line to continue
operating, as reflected by the GCA score; and further, unforeseen
changes in the sovereign environment. Changes in Fitch's view of
the bank's GCA score can lead to a change in the transaction's
rating. The transaction's ratings are sensitive to the performance
of the securitized business line. Additionally, the merchant
voucher programs could also be sensitive to significant changes in
the credit quality of AmEx, Visa or MasterCard to a lesser extent.

Any changes in these variables will be analyzed in a rating
committee to assess the possible impact on the transaction
ratings.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The future flow ratings are driven by the credit risk of Banco
Guayaquil S.A. as measured by its Long-Term IDR.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.



=====================
P U E R T O   R I C O
=====================

HOTEL CUPIDO: Jan. 12, 2022 Plan Confirmation Hearing Set
---------------------------------------------------------
On Oct. 15, 2021, Debtor Hotel Cupido Inc. filed with the U.S.
Bankruptcy Court for the District of Puerto Rico a Disclosure
Statement referring to a Plan.

On Dec. 6, 2021, Judge Edward A. Godoy approved the Disclosure
Statement and ordered that:

     * Jan. 12, 2022 at 1:30 PM via Microsoft Teams is the hearing
for the consideration of confirmation of the Plan and of such
objections as may be made to the confirmation of the Plan.

     * Acceptances or rejections of the Plan may be filed in
writing by the holders of all claims on/or before 14 days prior to
the date of the hearing on confirmation of the Plan.

     * Any objection to confirmation of the plan shall be filed
on/or before 14 days prior to the date of the hearing on
confirmation of the Plan.

     * Objections to claims must be filed prior to the hearing on
confirmation.

A copy of the order dated Dec. 06, 2021, is available at
https://bit.ly/3DCw5F0 from PacerMonitor.com at no charge.

                        About Hotel Cupido

Hotel Cupido Inc. is a privately held company that owns and
operates hotels and motels. Hotel Cupido sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 19 03799)
on June 30, 2019.  At the time of the filing, the Debtor disclosed
$488,176 in assets and $3,213,031 in liabilities.  The case is
assigned to Judge Edward A. Godoy.  The Debtor is represented by
Bufete Quinones Vargas & Asoc.




=====================================
T R I N I D A D   A N D   T O B A G O
=====================================

NIQUAN: Explosion Probe Still Ongoing
-------------------------------------
Trinidad Express reports that nine months after an explosion took
place at NiQuan's Gas-to-Liquids (GTL) plant located on the
compound of the State-owned refinery at Pointe-a-Pierre, an
investigation is yet to be completed on the cause of the incident.

As such, there are no recommendations for the company to follow
even as it moves forward with testing the plant's ability to
manufacture its products, according to Trinidad Express.

In a statement to the Sunday Express, the Ministry of Energy and
Energy Industries (MEEI) said it commenced an investigation into
the explosion at NiQuan Energy's facility at Point-a-Pierre
following the April 7 explosion.

"Based on the investigation by the MEEI, a preliminary report dated
April 14, 2021 and an interim report dated June 1, 2021 were
produced.

"Subsequent to the production of the interim report, the MEEI
received the assessment studies that were conducted, such as the
Hazard and Operability Study (HAZOP) and Layers of Protection
Analysis. However, further information was requested from Niquan to
assist with the determination of the root cause of the incident.
Further information was obtained from Niquan and has been reviewed
by the investigation team. The team is now in the process of
commencing final interviews with Niquan in order to complete the
final report," according to the Ministry of Energy, the report
notes.

As such, the Ministry said recommendations would be made available
when the final investigation has been completed, the report
relays.

Following the explosion, NiQuan said that the plant's hydrocracker
system failed during an attempted start-up, the report discloses.

Meanwhile, while the MEEI's investigation proceeds, the Fire
Services gave NiQuan the all-clear to re-enter the plant months
ago, the report notes.

Since then, the Sunday Express understands that NiQuan still has
work to complete on its third product line of aqueous synthetic
mud, which it is producing along its zero-sulphur diesel and
naphtha.

In April, Malcolm Wells, NiQuan's vice president of corporate
affairs said: "The impact assessment is ongoing and operations will
not resume until the authorised investigations have been completed,
any resulting recommendations have been implemented and all
necessary permissions to resume operations have been received," the
report relates.

Wells said the permission to restart is granted by the Ministry of
Energy.

The Ministry of Energy appointed a technical team tasked with
investigating the circumstances surrounding the explosion. The
six-member team, led by Craig Boodoo, senior petroleum engineer and
acting head petroleum operations management division included:
Yashi Carrington, acting senior chemical engineer; Sean Mahabir,
mechanical engineer II; Omattee Mathura, petroleum inspector III;
Neisha Dipnarine, mechanical engineer; and Shazil Yarsien, chemical
engineer, the report discloses.

The Ministry, Occupational Safety and Health Authority and Agency
(OSHA) and the Environmental Management Authority (EMA) were all
conducting investigations, the report relays.

In September, Wells said NiQuan had set itself a year-end deadline
to begin production, the report relays.

"We have completed the root cause assessment and implemented all
the recommendations and we are now re-aligning the business track
with a view to being in full production by the end of the year," he
had told the Sunday Express.

NiQuan was formally opened on March 9 and the explosion followed
less than one month later, the report says.

In March, during the Prime Minister's questions, Dr Rowley said
NiQuan's agreement would be with Paria and is expected to earn
foreign exchange for the country, the report discloses.

He said the offtake from the plant would be sold to the
international market by Paria, while the low-sulphur diesel will be
available both to the local and international market, the report
relays.

The 2021 start-up of production was more than two years later than
the originally projected startup in December 2019, the report
notes.

As a result, NiQuan had to raise funds as recently as May to meet
its financial commitments, the report relays.

                        Fund-Raising Efforts

In May, the company reached out to the local capital market for
short-term financing of between US$30 to $40 million to meet its
operation expenses, repairing the plant and the hydrocracker
system, the report relates.

The Express Business had reported that NiQuan was able to raise
money, some of which was used to repay some noteholders of its
US$120 million bond that was due on June 30, 2021, the report
discloses.

NiQuan has steadily refused to discuss or address its commercial
issues.

Since the explosion, the company has faced several setbacks
including having to delay a proposed US$175 million bond, which
would have funded the company for the next decade, the report
notes.

In May, in response to a query from Express Business, Wells said:
"The recent incident at the plant has caused us to revisit the
timing of our original funding plan.  We have adapted that timing
and engaged with our financial stakeholders and we have full
confidence in our revised schedule.  The details are company
confidential," the report relays.

Already, it has a US$120 million debt facility which was due in
January but was extended to June 30, 2021.

On its balance sheets, as of December 2020, the gas-to-liquids
company had US$400,000 in cash and cash equivalents, the report
notes.

Its salaries and benefits costs, according to the document, were
expected to average US$511,333 a month for 2021, the report
discloses.

The Express Business reported that Republic Bank was replaced as
arranger by JMMB Securities, which also arranged the refinancing of
the US$87.8 million facility and raised an additional US$32.2
million.  That brought NiQuan's total debt to US$120 million. Those
funds were also due in January 2021, the report says.

To be able to access future funding and to meet its payments which
became due in June, NiQuan needs to start commercial production of
zero-suphur diesel and naphtha and the company will need to
maintain its ratings to tap into future financing, the report
notes.

Following the incident the Caribbean rating agency, CariCRIS
lowered the assigned NiQuan ratings by two-notches to CariA-
(Foreign and Local Currency Ratings) on the regional rating scale
and ttA- on the Trinidad and Tobago (T&T) national scale, the
report relays.

NiQuan is the vision of its founder Ainsley Gill, who bought the
incomplete and abandoned Gas-to-Liquids (GTL) plant from Petrotrin
(now Trinidad Petroleum Holdings Limited (TPHL) for US$35 million
after it was relegated to scrap iron, the report notes.

According to the documents in the company's registry, NiQuan is
owned by NiQuan Energy, registered in Washington DC (10,702,216
ordinary shares), M&J Services Limited (10,000 ordinary shares),
Petrotrin (25,000,000 Class B Preference Shares) and The Beacon
Insurance Company (167,000 Class C Preference Shares), the report
relays.

Responding to questions from the Sunday Express on how NiQuan fits
into the Government's energy transition policy, the Ministry of
Energy said:

"Trinidad and Tobago promotes natural gas as the cleanest
hydrocarbon, which forms an essential element of the energy
transition. Niquan is a private entity and is not connected to the
Ministry of Energy and Energy Industries. The Ministry is the
regulator and its interaction with Niquan is in that role," the
report adds.




===============
X X X X X X X X
===============

[*] BOND PRICING: For the Week Dec. 6 to Dec. 10, 2021
------------------------------------------------------
Issuer Name              Cpn     Price   Maturity  Country  Curr
-----------              ---     -----   --------  -------   ---
Cia Latinoamericana de     9.5    74.3    7/20/2023    AR     USD
Noble Holding Internat     6.2    62.2     8/1/2040    KY     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Argentine Republic Gov     0.5    27.6   12/31/2038    AR     JPY
Noble Holding Internat     6.1    62.0     3/1/2041    KY     USD
Provincia de Cordoba       7.1    74.7     8/1/2027    AR     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
AES Tiete Energia SA       6.8     1.2    4/15/2024    BR     BRL
Enel Americas SA           5.8    32.7    6/15/2022    CL     CLP
Cia Latinoamericana de     9.5    73.9    7/20/2023    AR     USD
KrisEnergy Ltd             4.0    40.4     6/9/2022    SG     SGD
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Fospar S/A                 6.5     1.2    5/15/2026    BR     BRL
Provincia de Rio Negro     7.8    70.4    12/7/2025    AR     USD
Noble Holding Internat     5.3    60.5    3/15/2042    KY     USD
Provincia de Cordoba       7.1    72.7     8/1/2027    AR     USD
Provincia de Buenos Ai     7.9    75.3    6/15/2027    AR     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Argentine Republic Gov     6.9    75.2    1/11/2048    AR     USD
Argentina Bonar Bonds      5.8    75.2    4/18/2025    AR     USD
City of Cordoba Argent     7.9    73.1    9/29/2024    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Provincia del Chaco Ar     4.0     0.0    12/4/2026    AR     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Cia Energetica de Pern     6.2     1.1    1/15/2022    BR     BRL
Polarcus Ltd               5.6    71.8     7/1/2022    AE     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
Argentina Bonar Bonds      7.6    74.4    4/18/2037    AR     USD
Avadel Finance Cayman      4.5    55.0     2/1/2023    US     USD
Sylph Ltd                  2.4    65.1    9/25/2036    KY     USD
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Esval SA                   3.5    49.9    2/15/2026    CL     CLP
Metrogas SA/Chile          6.0    41.6     8/1/2024    CL     CLP
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Argentine Republic Gov     7.1    75.7    6/28/2117    AR     USD
Provincia del Chaco Ar     9.4    74.8    8/18/2024    AR     USD
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Provincia del Chubut A     4.5    2208    3/30/2021    AR     USD
Argentine Republic Gov     4.3    70.0   12/31/2033    AR     JPY
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Argentine Republic Gov     6.3    74.1    11/9/2047    AR     EUR



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2021.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
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                  * * * End of Transmission * * *